Perhaps taking a closer look at the chart right after the R/S proposal was discovered might lend some understanding.
Your thesis surmises that, once absorbed by the market, the Gander deal and going debt free should have added ZERO price appreciation to the stock.
My thesis surmises that the Gander deal and going debt free should have added substantial price appreciation to the stock. This appreciation was entirely negated by the proposal of an R/S.
Guess we're just going to have to disagree on the topic.
The Market's Darwinian Theory will sort it all out eventually.
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